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Ecommerce

Klarna, TOMS team up for payments

Friday 2 August 2019 | 12:53 PM CET

TOMS has partnered with Klarna to give shoppers in the US two new options at the online checkout – to pay later in either four equal instalments or in 30 days.

Giving shoppers payment choice encourages more confident online purchasing without the hassle of a long-term commitment, interest, or upfront costs. Four equal payments are automatically collected from the consumer's chosen method of payment – one instalment at purchase and three further payments every two weeks.

When asked, 75% of shoppers said they would like to pay in instalments when shopping. And 35% of Gen Z shoppers worried about trending items selling out before they could purchase. Additionally, Klarna's payment options aim to reduce cart abandonment and increase repeat purchase for retailers.

Earlier in 2019, Klarna has conducted a research across 2,000 UK consumers and over 250 retail decision makers, which has revealed that retailers are struggling to retain their customers, as consumers today have no tolerance for poor retail experiences. For more information about Klarna, please check out a detailed profile of this company in our dedicated, industry-specific online company database.

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